US President Donald Trump has cautioned that the American economy could face downside risks due to the spread of the coronavirus across the world. Worries about a possible economic recession in the US have resurfaced as a result of the steep decline in stock markets, both in the US as well as around the world.

Trump made these cautious remarks while addressing a town hall meeting at Scranton, Pennsylvania, adding “It certainly might have an impact. At the same time, I have to say people are now staying in the United States spending their money in the U.S., and I like that.”

However, he did also express optimism that the US economy could recover quickly despite any possible impact of the outbreak. Trump maintained that his government’s quick decision to impose travel restrictions on China helped contain the spread of infections stateside, despite the number of cases rising to 53 while the death toll touched 12.

In the previous session, the US Senate approved $8.3 billion in funding to tackle any possible damage due to the coronavirus, and it will come into effect as soon as Trump signs off on it.